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Hot Topic: Mortgage-Backed Securities

• What is a “To-Be-Announced” (TBA) MBS transaction?
  
  "To-Be-Announced" (TBA) MBS trades are newly issued mortgage-backed securities that are transacted in the forward market.
  
  Counterparties to TBA transactions know the interest rate, years, settlement month, and CUSIP of the trade but not the actual underlying pools, or mortgages, until "48-hour day."
  
  On "48-hour day" (2 days before settlement), counterparties are notified (via FICC's EPN) on what pools make up the transacted MBS.